Kirkland Advises Crown Laboratories on Close of Revance Acquisition
Kirkland & Ellis advised Crown Laboratories, Inc., a privately held, global innovative leader in the skincare industry, on the close of an agreement to purchase Revance Therapeutics, Inc. (NASDAQ: RVNC), a biotechnology company aimed at setting the new standard in healthcare with innovative aesthetic and therapeutic offerings.
Crown announced on February 5, 2025 that its tender offer to acquire all of the issued and outstanding shares of common stock of Revance at a purchase price of $3.65 per share, net to the stockholder in cash, without interest and less any applicable tax, had expired as scheduled and was not further extended. Crown announced that 86,197,893 shares were validly tendered, representing approximately 82% of the shares as of the expiration time.
Crown had increased its tender offer to $3.65 from $3.10 after amending the terms of the amended and restated merger agreement, which was unanimously approved by Revance’s Board of Directors. The acquisition was originally announced at a price of $6.66 on August 12, 2024. The parties entered into the amended and restated merger agreement in response to, among other things, (1) Revance receiving notice from Teoxane alleging breach by Revance of its exclusive distribution agreement with Teoxane, (2) Revance and Teoxane’s settlement of such alleged breach, (3) Revance’s recent commercial performance relative to prior 2024 financial guidance (which was subsequently withdrawn) and (4) Revance’s prospects as a standalone company.
Read the transaction press release
The Kirkland team was led by corporate lawyers Marshall Shaffer, Ed Lee, Josh Kogan, Andrew Norwich, Monica Ruiz and Matthew Burner; investment funds lawyers Jordan Murray, Juliet Anderson, Justin Samson and Chris Stoj; debt finance lawyers Jason Kanner, Chad Davis, Angela Hagerman, Kaitlin Schock and Daly Brower; executive compensation lawyers Scott Price, Anthony Ji and Grace Zagorskis; capital markets lawyers Julia Danforth, Pippa Bond, Van Whiting, Sarah Yang and Elise Wang; antitrust & competition lawyers Albert Yung Kim and Mariana del Carmen Fernandez; and litigation lawyers Jay Lefkowitz and Jeff Goldfine.
